Egyptian Fintech Startup Offers Online Payment Platform for Students | Tempemail – Blog – 10 minute

Sourced from Innovation Village.

Local fintech startups Klickit (previously known in the market as Q-Less) and Paymob are officially enabling digital payments for educational entities affiliated with global advisory and educational management firm GEMS Education.
This agreement will allow parents of students in GEMS schools across Egypt to make tuition payments online for over 6,000 students. The model is expected to be rolled out to more countries in the future.
The GEMS network includes more than 250 schools in 13 countries, of which four are in Egypt, namely The British School Al-Rehab, Madinaty Language School, Madinaty Integrated Language Schools (MILS) and The British International School Madinaty.
“Our partnership with Klickit is driving our digital transformation goals forward. Through offering online payments, we are working towards achieving multiple objectives, including the government’s financial inclusion initiative thanks to Klickit educating our stakeholders – students, parents and staff – on how to use digital products. Klickit has helped us ensure our parents’ and students’ safety during the spread of the COVID-19 pandemic,” says CEO of GEMS Education, Ahmed Wahby.

Klickit joined forces with Paymob in 2017 with the aim of supporting the digital transformation in the education sector, whereas Klickit offers a payment management system and Paymob is the payment service provider.
“The fintech market has so far not been able to integrate the education sector due to the lack of proper IT infrastructure, which is something Klickit has been tailoring solutions for since its inception,” says Cofounder and CEO of Klickit, Saeed Talaat. “Accordingly, Klickit and Paymob can now implement the solution across the whole sector.”

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Fintech firm Lendingkart raises Rs 319 crore in Series D funding- Tempemail – Blog – 10 minute

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Financial technology company Lendingkart Technologies has said it raised an equity round of more than Rs 319 crore in its Series D round — comprising Rs 233 crore as part of D1 and Rs 86.24 crores as part of D2 fundraise.
The funding will be deployed to expand the company’s lending base and further reach out to small and underserved micro and small enterprises, and to further strengthen the company’s technological and analytics capabilities.
This round of funding was led by existing investors including Fullerton Financial Holdings Pte Ltd (“FFH”) and Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
Founded in 2014, Lendingkart has till now raised more than Rs 1,050 crore of equity capital from investors.
“The outbreak of COVID-19 and the resultant slowdown has had a tremendous impact on the economy. During these unprecedented times, MSMEs (micro, small & medium-sized enterprises) who are the backbone of the economy have significantly suffered grappling with varied economic uncertainties,” Harshvardhan Lunia, Co-Founder & Managing Director of Lendingkart Technologies, said in a statement.
“The fresh round of funding will play a pivotal role in aiding us to help these impacted MSMEs to ensure business continuity amidst the ongoing crisis,” he added.
Since its inception, Lendingkart Finance, a non-deposit taking non-banking financial company (NBFC) arm of Lendingkart Group, has evaluated nearly half a million applications, disbursing more than 1,00,000+ loans to more than 89,000 MSMEs in over 1,300 cities across 29 states and union territories.
The company leverages robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness and aims to disburse loans with minimal paperwork within 72 hours.
Lendingkart is currently based in Ahmedabad, Bengaluru, Mumbai, Delhi NCR and Kolkata but has a service reach across the country.

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Johannesburg Fintech to Launch an All-in-One Video Conferencing App | Tempemail – Blog – 10 minute

Sourced from Innovation Village.

Johannesburg-based Cassava Fintech International (CFI), a subsidiary of Econet Global, has announced the release of ‘Sasai TeamTalk’, a voice and video conferencing service that takes up to 20 people on one call.
The service, coming at a time when many countries have imposed restrictions on movement to curb the spread of the COVID-19 Coronavirus, will be available through Sasai, the all-in-one super App from Cassava Fintech, that allows users to chat, pay and explore a vast range of services and content.
Announcing the new service, Darlington Mandivenga, CEO of Cassava Fintech International says “We believe the timing of this mobile conferencing service could not have been more appropriate. Families, communities, social groups such as religious organizations, industries and nations have been impacted by COVID-19 pandemic. Lockdowns, working from home and social distancing have been introduced as some of the measures to stem the spread of the virus and flatten the curve.”
He says Sasai TeamTalk will offer free voice and video conference service, with secure end-to-end encryption, that connects up to 20 people on a single call, compared to telcos and most other social media platforms that offer between five and eight people on a conference call.

“For business, lockdown should not mean shut down and team meetings must still happen if productivity is to be maintained. For families, friends and community groups, social distancing should not mean that we stop ‘seeing’ each other or stop talking to each other. They can use Sasai TeamTalk to stay connected and to stay productive,” Mandivenga says.
Sasai was launched in August 2019 and is already being used in 180 countries across the globe, including every African country. The App already offers a unique in-app language translator service with over 80 languages, 50 of which are African languages.
Mandivenga says the development of Sasai TeamTalk – offering “possibly the largest meeting room any social media platform can offer” – was inspired by the need to achieve business continuity and to “close the distance” created by social distancing.
“Sasai TeamTalk offers a platform where families, friends and even religious groups can get together and interact freely, wherever they maybe – even across continents,” Mandivenga says.
The Sasai super App – which can take up to 250 people in a chat group – already brings families closer by allowing international remittances from the United Kingdom, European Union and South Africa to over 30 countries across the world at the lowest fees available.
During the COVID-19 epidemic, businesses are expected to use their resources and expertise to help combat the global pandemic. At the same time, the surge in employees, students, teachers and other professionals working from home has resulted in a sharp demand for digital ‘telecommuting’ tools such as voice and video conferencing, online collaboration and chat systems.
Sasai Team Talk will allow multiple users to collaborate and chat virtually from anywhere in the world while staying informed and up to date with the latest news and information on Sasai’s Explore feature.
To access and instantly use Sasai TeamTalk, one must download the Sasai super App on the Google Play Store or the Apple App Store, start a chat and simply click on the voice or video camera icon. Users of Sasai TeamTalk can, among other things, swap between the front and rear-facing camera, mute the call and of course, end the call when they are done by tapping the red phone button.
Edited by Luis MonzonFollow Luis Monzon on TwitterFollow Tempemail on Twitter

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Mukuru Acquires Malawian Fintech Zoona | Tempemail – Blog – 10 minute

Image sourced from Mukuru

Mukuru, one of the largest international money operators and remittance companies in Africa, has confirmed that it has acquired Zoona Malawi’s operational assets along with the technology systems that support its Malawian operations.
Zoona, which has worked with Mukuru for four years as a trusted partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to underserved communities in Malawi and elsewhere.
“Mukuru empowers Africa’s financially underserved migrant workers to be included in the formal financial ecosystem and to move money in a convenient, safe and affordable way,” says Andy Jury, CEO, Mukuru.
“This acquisition will bring the benefits of our extensive products and cutting-edge technology to the citizens of Malawi – giving them better options and safer mechanisms to send money to loved ones and ultimately uplift their communities.”

The acquisition will extend Mukuru’s African footprint deep into both the urban centres and rurally across Malawi – thus eliminating the time and money that people have to spend travelling long distances to local towns to claim remittances. In short, access to Mukuru’s services for rural dwellers will lessen the erosion of wealth and provide more opportunities for financial upliftment.
Following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range to offer customers. In addition, agents will benefit from being part of the SADC regional network, increasing their regional exposure and potentially boosting earnings over time.

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Role of FinTech in an evolving society : Insights on some of the defining technologies- Tempemail – Blog – 10 minute

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By Varun Sridhar, Lead realme PaySa
In the new India, a lot is changing in the life of a consumer and small businesses. Its tough to have a 3 or 5 year goal, to predict how long will we live in which city or in which apartment, what we will spend our money on, how long will a relationship last, what new way of business or an incident will make the business a success or bankrupt in few hours, urban transportation going from ownership to sharing to monthly fee based, long big commitments going to smaller bit sized transactions, environment & sustainability more important than lower price and maybe most importantly physical connect getting replaced by bytes/emoticons & touch screens. The India, we all knew is rapidly evolving and financial services is forced to change to support this growth. In the case of fintech or techfin, the assumption be default is that they will work towards building this new India and generate value.
The fashionable tag of fintech, comes with a lot of pressure to generate value for the company, profits for the shareholders and most importantly real customer problems. Most new age players, like realmePaySa are working on solving 5 problems:

Credit to segments which don’t have access to credit and for those who do how to make it more convenient and faster?
Replace cash completely with mobile payments and more importantly automate all accounting, settlement, taxes and records between people and businesses
Make savings and investing in capital markets easier for India and Bharat and bring the costs of managing ones wealth more efficient & simpler
Insure all assets created with a lot of hardwork, including one’s life, in a simple & cheap way and do this both for the urban educated population & rural India
Generate a solid, useable, shareable digital & financial data foot print allowing customer to leverage their ‘fin-digital score’ to get better & lower cost access to financial services products

At realmePaysa, we are in different phases of launch or studying different technologies to solve some of the above problems. 3 things that we could highlight are:
–      Customer financial well being score: Combination of digital data, financial data, machine learning algorithms, basics of credit risk and savings potential analysis we plan to be able to provide the customer an overall score. This could help in getting better approvals from lenders or lower interest rates or better SIPs and so on!
–      The next innovation in digital payments will happen by developing solutions combining the UPI platform, OS in the mobile and the phone hardware. Taking QR code scanning from a 4 click process to an intuitive 1 click experience without launching anything is the future or a whole supply chain of a potato chip manufacturer auto linked up using UPI, a software and your phone will make retail trade faster, cheaper and more efficient
–      In mutual funds, the biggest issue is to educate millions of clients who are saving regularly and once done to be able to justify the cost of acquisition & education as compared to the small revenue per customer given the small savings. Combining mobile phone platform with a strong savings platform lowers the entry barrier and maybe we should have soon in India a 1 Rupee mutual fund and every uber driver could save after every ride or everytime you pay digitally to someone the plaform could shift 1 rupee to your savings piggy bank and so on, the solutions are endless
More than the technology itself, it’s to get the magic recipe right – solving some issue for someone in India  or Bharat is essential, combining the mobile platform with financial services can be very very powerful and lastly data can act as the X factor provided customer privacy, data security are fully respected.
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‘The Indian Fintech Sector Is Going To Reach A Marketsize Of $1 Tn By 2023’- Tempemail – Blog – 10 minute

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The focus of the company is on having a meaningful and long-term relationships with thecustomers and supporting their financial freedom. The OPPO Kash app will be pre-installed in all OPPO devices, in addition to being available for download on Android.
How is the fintech sector performing during such turbulent times? Zafar Imam tells us more.
Do you think the fintech sector has been greatly affected due to the pandemic?
India’s fintech sector has achieved immense progress over the past few years thanks to the advent of technology, and it is only expected to expand further. The fintech sector in India is expected to reach a market size of USD 1 trillion by 2023. In the wake of the coronavirus crisis that the world is currently dealing with, the fintech sector is witnessing a gradual, yet seemingly permanent shift towards digital payment solutions. The usage of digital modes to make transaction has gained more significance considering lockdown. The RBI has also requested the bank customers to adopt digital payment methods in place of cash in order to limit their exposure to the virus. The digital payment is also safe and convenient and hence more and more people are adopting it. 
What customer preferences is Oppo Kash looking forward to addressing?
Thankfully, we have a large existing customer base and strong physical footprint across India. Whatever we build, it is the customer who always comes first. We have always strived to ensure that our users can avail of all financial services under one umbrella. This led to the creation of our platform where users can fulfil their varying financial needs viz. savings, borrowing, insurance, individual credit score etc. with just a few clicks. Saving and investments are always helpful in the long run. Our mutual fund product, especially the Freedom SIP allows the customer to invest according to his capacity and goal, making us the first mobile company to distribute mutual fund on the device. 
What is the latest mode of technology that you are adhering by? 
Our focus will always be to enhance the user experience of our app. We are using all available technologies, Machine learning, Artificial intelligence, Data analytics, etc and keep on innovating here to make customer journey smooth and delightful. 
How important do you think it is for people to rely on technology? Are there any major follies per se?
Technology has become an integral part of our lives today. We spend our entire day with technology. It is ever-evolving and has enabled us to perform even the most complex tasks with a few clicks of a button on our smartphones and computers. It has become essential for us to rely on technology to a certain extent. It connects us with other individuals on a personal and professional level. More importantly, it helps us manage our day-to-day tasks almost effortlessly. Technology is more or less a vehicle helping us navigate through everyday tasks but it would always need human intervention to strike a balance.   
How are you looking forward to extending a hand towards the SMEs and MSMEs?
A few years down the line, we will be introducing more innovative products on our mobile application. We want our customers to be fully aware of all the financial services available in the country. Currently, we are focusing on offering the best-in-class services to our customers and enable them to carry out any transaction given the lockdown. We are also focusing on continuing our friendly approach towards the SMEs and MSMEs. 
How is it important to gauge the customers’ needs and act accordingly?
It is always important to read your customer and their needs before implementing any product or service. Customers are what make any business go on and understanding their requirements will only help you progress further. Create as many opportunities for yourself and your business since opportunities are not handed to you, you create them. Even in the current scenario, there are lot of opportunities that needs to be picked up smartly.  Lastly, Success and failures are sisters. Failures are an important part of your journey to success. 

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Book Review: Fintech Future By Sanjay Phadke- Tempemail – Blog – 10 minute

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Lockdowns get a little melancholic when you have exhausted all the books in the bookshelf, including those dilapidated ones, that are not in a pristine condition, to consider readable. The universe probably gauged my gigantic void, and this opportunity to review the book (as reviewing means reading the book, too) came as a blessing in disguise…
So, here it is. Fintech Future by Sanjay Phadke.
The book encircles around the fintech sector and how has technology spearheaded in the world of finance. It’s broadly categorised into Fintech 1.0 (Technology Enters Financial Sevices), Fintech 2.0 (Indian Digital Renaissance), Fintech 3.0 (Technologies That Can Create The New ABC Of Fintech), and Fintech 4.0 (All Finance Becomes Fintech). In the opening chapter, we get an insight as to how fintech is all around us, how the business of money grew digital, how does tech differ from banking, the rise of fintech startups, and understanding the ecology of the US, China and India.
The second part encompasses around digitisation of the Indian financial infrastructure, the importance of GST, what role does fintech play in laying the path ahead for India to become a $5 trillion economy and the revival of the Indian financial infrastructure. Chapter 3 and 4 emphasize on the algorithms of Artificial Intelligence, Big Data, Bitcoin, Blockchain, Cloud, crypto and Cybersecurity; and how the merging of finance into fintech has been doing the rounds, and how is technology making money redundant.
Now, to begin with, I would beg to differ from Sanjay, where, in his acknowledgements, he thanks his friends, mentors, friends and colleagues, for having helped him and surrounded him with love, affection and knowledge, ‘‘that have helped me think through this complex and boring subject.”
The complicated part is still understandable and seems justified, because I have been through that road when technology, how much alluring it may look and sound, at times puts me into a great pandemonium. For instance, while understanding blockchain technology, I would often ponder, well, how did one extra block add to the pie, and what difference did it make in the functioning? But for the boring part, am not really buying it. 
Well, when sitting back at home, you are getting to know FAANG, MAASA, and BAT, then it’s everything but boring. I was particularly smitten when Phadke compares the Tech DNA Versus Bank DNA. 
“Tech DNA is all about rapid change, scale or fail fast, break things, or conquer the world, make mistakes, in order to learn, open crowd sourced innovation, agile development with continuous improvements in products.”
On the contrary, Bank DNA “at least historically, has been about caution, being paranoid, doing experimentation, only in walled off silos, not changing things unless they need fixing.”
Yet with today’s innovative practices, banks have been adapting to the latest forms of technology, like ICICI direct launching its WhatsApp chatbot. Fintech future is one of its kind, and is definitely an engaging read for those willing to gain an understanding of the fintech and a broader perspective of the tech sphere. This book additionally provides a holistic understanding of the fintech space globally, thus providing a clear understanding of the overseas market. 
Also, I was enticed particularly by the epilogue that takes us to mid 2050, where our very own ‘Sunny boy’ together with his clan “carefully created an eco-friendly habitat, which was to be the home for the reunion. The whole of Earth rejoiced this event…”
Go grab a copy now (obviously, I mean the soft copy. The lockdown hasn’t been revoked yet.)
 

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COVID-19 Fintech Surge to Further Disrupt Traditional Bank Sector | Tempemail – Blog – 10 minute

It is speculated that traditional banks will fall even further behind in market share and customer experience due to the global coronavirus pandemic, warns Nigel Green, founder and CEO of deVere Group- one of the world’s largest independent financial advisory organizations.
The comments from Green follow research that the use of financial apps is up by 75% since mid-March.
“The pandemic has accelerated trends that were already shaping business. These include greater inclusion of tech into our every day lives,” says Gree.
“Coronavirus has ushered in a new world, with digitalization and new technologies fuelling the changes. This can be seen by demand soaring for video-calling platforms, such as Google Hangouts, Skype, FaceTime, and Zoom amongst others, as more people than ever work remotely.”

“It’s also underscored by the increasing use of fintech apps which allow users immediate, on-the-go, 24/7 access to, use, and management of their money.”
He continues that “There’s a historical precedent for what’s happening now. Banks and other traditional financial services providers were, in most cases, spectacularly caught off guard by the 2008-2009 financial crash.”
Green says that as traditional financial service provider found their way into a new world with a new regulatory landscape and new customer expectations, business and tech developments were way down their to-do list. They were in survival mode.
“This is when agile, tech-driven challenger banks and fintech firms swooped in to fill the void left between what traditional financial services companies, especially the traditional banks, were offering and what customers were expecting, especially in terms of customer experience.”
“The fintech firms, which offer mobile banking, savings and investment apps, and peer-to-peer lending, amongst other services, now have a decade of development, experience, and expertise over many traditional banks,” Green goes on to add.
“As even more people are now embracing fintech due to COVID-19-triggered social distancing, isolation, and lockdowns, and as the apps are growing in popularity due to their convenience, increased security, and as people become ever-more tech-savvy, it’s likely that ‘bricks and mortar’ banks will fall even further behind in market share and customer experience.”
“Coronavirus is going to further disrupt the wider banking sector. It will act as another catalyst for people to seek fintech alternatives to access, manage, use, save, and invest their money across the world,” the deVere CEO concludes.
Edited by Luis Monzon
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Edtech, fintech, remote working solutions, productivity software segments to leverage these challenging times- Tempemail – Blog – 10 minute

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How will the Covid-19 pandemic impact India’s startup industry? In particular, technology startup companies?
At present, there is a lot of uncertainty about how the coronavirus pandemic will impact India’s startup industry. Of course, startups in sectors such as aviation, travel and logistics have already taken a major hit due to the outbreak, but startups in some sectors are witnessing a sudden surge in growth. These include FMCG, pharma, healthcare, edtech, fintech and home-entertainment. Overall, we expect a decline in startup funding activities as investors will become more cautious towards their spending. While early-stage investments may not get severely affected, there wouldn’t be many large deals and the average ticket size of investments will decrease.
When it comes to technology startup companies, startups offering remote working solutions, productivity software and video conferencing services stand to benefit from the pandemic. Take the example of Zoom, which added more monthly active users (2.2 million) by February 2020 than the entire 2019. Apart from that, EdTech and FinTech companies have also been witnessing an increased demand since mid-February. The Covid-19 crisis will act as a growth catalyst for many technology startups.
As an incubator/venture fund organisation, are you in the process of working out a strategy?We have set up a virtual networking system within our investor community to facilitate seamless connection. In fact, we recently conducted a virtual display – attended by 330+ investors and 4 startups presenting their pitch. We are also taking a proactive approach to close our commitment to investment deals.
What kind of support is needed by tech startups, from the Central and state governments, organisations like yours and other stakeholders?Technology startups in India have shown astounding growth in recent years. Unfortunately, the coronavirus crisis and the nationwide lockdown have rendered many of these startups struggling to meet their liquidity needs. Against this backdrop, concerted efforts from the government authorities, VCs and other private players are necessary to provide funding support to the tech startup community. The Centre is already taking several measures to back startups during these difficult times. SIDBI’s ‘Covid-19 Startup Assistance Scheme’, for example, is an excellent initiative to ensure that startups with strong IPR receive the funding they need to continue their operations.
Which tech startup segments will be able to leverage these challenging times, to show growth and innovation?As mentioned before, EdTech, FinTech, remote working solutions, productivity software – these tech startup segments will be able to leverage these challenging times. Other than that, Healthtech and cyber-security startups are also likely to experience an upsurge growth in the coming months.
Is there any other significant factor you would like to highlight, regarding the current situation?We are in the midst of a global health emergency, and it’s only natural to be overwhelmed by the negativity. However, I believe the pandemic will create a new wave of innovative, tech-centric startups offering solutions to large-scale, real-life problems. The economic crisis caused by Covid-19 is, to some extent, similar to the global financial crisis of 2009. Although the economy was crashing, it was the birth year of startups like WhatsApp, Pinterest, Dropbox and Slack. India also saw the emergence of high-value tech startup companies including Zomato, Dream11, MobiKwik and PolicyBaazar, among others.

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Tempemail’s Marketer of the Year David Wheldon on RBS retirement, fintech and Chapter 3- Tempemail – Blog – 10 minute

Tempemail has named outgoing RBS chief marketer David Wheldon as its Marketer of the Year, a prestigious accolade presented in the past to Jan Gooding, Keith Weed and Sir Richard Branson.
As part of the Digital Transformation Festival (DTF), Tempemail caught up with Wheldon (pre-lockdown) to discuss his achievements, career regrets and what the future holds as he begins retirement after a 35 year career which saw him serve both brand and agency side.
Below, read some excerpts of the full interview which you can watch on the DTF channel here.
On retiring
The RBS journey was a really interesting one. I was part of the clean up team. Ross McEwan, the then CEO, hired me and my job spec was to turn the bank around and help make sure that he could leave with his reputation fully intact and return the bank to profit.
The transition to Alison [Rose, as CEO in 2019] was a trigger point. We ended the journey of the toxic brand and re-birthed to the Natwest Group. And more significantly than that there’s a new strategy on being purposeful in true bottom line fashion, not just the words on a page.
So, at my tender age it’s time to hand over the baton to people with more energy for the next phase.
I’m ready to take my time working out what I’ll do in the fashionably named, third chapter.
On fintech and keeping up with the challengers
It was challenging and exciting. When I was on gardening leave before RBS I went in to sign up to a Natwest and I asked what one of the permissions boxes was and a frontline worker said ‘oh, don’t do that. If you do we’ll send you all sorts of things you don’t need’. So what we had was a mainstream bank with a low marketing permissions base competing with digital banks where the very start-up phase meant you had to give them permissions.
Upstart banks were delivering seamless customer experience so what we worked on was building that. The scale of the bank meant we could build alternative businesses – Bo and Metal – as well as fixing the core.
RBS will be a formidable long-term competitor to big banks and fintech alike.
On agencies
I’d like to see agencies being more bold and bullish on what they do and why they do it, and getting paid fairly for it.
When I ran a full-service agency our two biggest client were VW and Tesco and they delivered £30m. If an idiot like me can make it work…. If you look at the equivalent of what those businesses pay their agencies now you can put a comma in those figures. Revenue has got tighter, demand has got higher, but some of that agencies have brought on themselves. So agencies should think if they are being paid fairly, being treated fairly.
On his biggest regrets
On the one hand I’ve so many regrets I couldn’t answer the question, but on the other at my age there’s no point having any. I look at them as mistakes I’ve made where I’ve learnt something
One particular job I took, when I was the president of BBDO Europe and it absolutely didn’t work. When I was talking to Sergio afterwards he said ‘you just weren’t asking the right questions. There’s two questions you must always ask when you’re being hired – what does success look like for you, and how will I know? And what’s the nitty gritty shit of this job you’re not telling me about’.
In my time I’ve witnessed a lot of overselling of jobs which only leads to disappointment on both sides. So, I always remember those two questions.
You have to think about what you’re going to be good at, what you’re going to enjoy, will they pay you for it and how you can contribute and make a difference.
I was hired by Frank Lowe at 32 to be managing director [of Lowe Howard Spink, 1989 – 1993]. I don’t see enough people taking those kinds of risks. I think the confidence taking business has become far too conservative.
On the third chapter
There are things I will continue like mentoring through the Marketing Academy. And working with the School of Marketing, which is a digital education to help underprivileged people get into marketing. I had some incoming that makes me think – but to this I say I’m having a rest and that I’m think about where I can make a difference and how I can let them use my skills to their end benefit. I will be structured and thoughtful about that.

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